If you have a Toys “R” Us gift card, you have a little less than a month to use it or you’ll lose it.
Toys “R” Us filed for bankruptcy earlier this year and announced it will be closing all of its locations by April 15. That could cause problems for customers with gift cards.
There are federal and state laws which prevent gift cards from expiring in Illinois, but that’s not the case when a retailer files for bankruptcy and closes its doors.
“The best advice for individuals who hold gift cards for bankrupt retailers is, use them as soon as you hear about the store’s closing,” said Dennis Horton, director of the Rockford office of the Better Business Bureau.
If you miss the deadline to redeem a gift card, you are able to file a claim for the value of the card, but those claims are processed behind the company’s major creditors, meaning it could take a long time before receiving the value of the card.